Hot Startups in Portugal

As co-founder/CEO of Infraspeak, co-founder of Founders Founders (scale-up incubator) and former Head of Technology Center and Acceleration Program at UPTEC, I’m deeply involved in the Portuguese Startup ecosystem.

So, it’s not unusual for investors to ask me: Which are the hot startups in Portugal? Which startups should I meet? Which should I invest in?

Here is my answer (last update: Nov 5th, 2019):

Unicorns

Outsystems (Software || Atlanta, Lisbon)
Total money raised: $422.1M from Goldman Sachs, North Bridge Venture Partners & Growth Equity, KKR & Co, Armilar Venture Partners and more.
Website, Crunchbase, Angellist

Talkdesk (Call Center Software || San Francisco, Lisbon, Porto)
Total Money raised: $124.5M from Viking Global Investors, DFJ, Salesforce Ventures, Storm Ventures, 500 Startups and more.
Website, Crunchbase, Angelist

Road to Series C/D/E & Centaurs

360 Imprimir / 360 Online Print (Printing, E-Commerce || Lisbon)
Total money raised: €22.3M from LeadX Capital Partners, Omnes Capital, Pathena and Shilling Capital Partners
Website, Crunchbase, Angelist

Aptoide (Android App Discovery || Lisbon)
Total money raised: $21.7M from ICO, e.Ventures, Portugal Ventures and more.
Website, Crunchbase, Angellist

Feedzai (Software, Analytics, Big Data || San Mateo, Coimbra, Porto)
Total Money raised: $76.1M from Data Collective, Sapphire Ventures, Citi Ventures, Oak HC/FT.
Website, Crunchbase, Angellist

Platforme (Fashion || Porto)
Total Money raised: $12M from Paula Amorim and José Neves
Website, Crunchbase, Angellist

Prozis (E-commerce, Fitness, Nutrition || Porto)
Total money raised: Bootstrapped
Website

Seedrs (Crowdfunding || London, Lisbon)
Total money raised: £48.5M from Augmentum Fintech, Woodford Investment Management, Augmentum Capital, Seedrs and more.
Website, Crunchbase, Angellist

Unbabel (Translation Services || Lisbon)
Total money raised: $91.2M from Point72 Ventures, Greycroft, Indico Capital Partners, FundersClub, Scale Ventures Partners, Notion Capital, Salesforce Ventures, Samsung Next, Caixa Capital and more.
Website, Crunchbase, Angellist

Veniam (Internet of Moving Things || Porto, Aveiro, Mountain View)
Total money raised: $29.9M from True Ventures, Verizon Ventures and more.
Website, Crunchbase, Angellist

Road to Series B

Infraspeak (Facility Management, PropTech || Porto, London, Barcelona Florianópolis) ;)
Total money raised: $5.4M from Indico Capital Partners, firstminute Capital, Innovation Nest, Caixa Capital, Construtech Ventures and 500 Startups
Website, Crunchbase, Angellist

Adapttech (Medical Devices, Healthcare || Birmingham, Porto)
Total raised money: $3.7M from Hovione Capital and Mercia Technologies
Website, Crunchbase, Angellist

BySide (Lead Activation, Digital Marketing || Porto, Madrid, London, São Paulo, Singapore)
Total money raised: Bootstrapped
Website, Crunchbase, Angellist

Codacy (Developer Tools, SaaS || Lisbon)
Total money raised: $14.4M from EQT Ventures, Join Capital, Caixa Capital, Faber Ventures and Armilar Venture Partners
Website, Crunchbase, Angellist

Dashdash (Web Development Tools, SaaS || Porto, Berlin)
Total money raised: $9M from Accel and Cherry Ventures
Website, Crunchbase

DefinedCrowd (Artificial Intelligence, Machine Learning || Seattle, Lisbon)
Total money raised: $12.9M from Evolution Equity Partners, MasterCard, Kibo Ventures, SWAN Venture Fund, Portugal Ventures, Microsoft Accelerator, Amazon Alexa Fund, Sony Innovation Fund, BusyAngels.
Website, Crunchbase, Angellist

Doist (the company behind Todoist + Twist)(Project Management Software || Porto, Barcelona)
Total money raised: Bootstrapped
Website

James (Machine Learning || Lisbon, New York)
Total money raised: $3.9M from Seedcamp, Kima Ventures, Frontline Ventures, Rising Ventures, Gael de Boissard and more.
Website, Crunchbase, Angellist

Jscrambler (Cyber Security || Porto)
Total money raised: $2.3M from Sonae IM, Portugal Ventures
Website, Crunchbase, Angellist

Mycujoo (Broadcasting, Internet, Sports || Zurich, Amsterdam, Lisbon)
Total money raised: $9.0M from 3wVentures and more (unofficial source)
Website, Crunchbase

Science4you (EdTech || Lisbon)
Total money raised: unknown from Portugal Ventures
Website, Crunchbase

Sword Health (Digital Health Care || Porto)
Total Money Raised: $15M from Khosla Ventures, Vesalius Biocapital Partners and more.
Website, Crunchbase, Angellist

TonicApp (Healthcare || Porto)
Total money raised: €3.5M from Armilar Venture Partners, Vesalius Biocapital Partners and Portugal Ventures
Website, Crunchbase

Uniplaces (PropTech, Marketplace || Lisbon, London)
Total money raised: $29M from Octopus Ventures, Atomico, Caixa Capital and more.
Website, Crunchbase, Angellist

Utrust (Payments, Fintech, Cryptocurrency, Blockchain || Zug, Braga, Lisbon, London)
Total money raised: $21M from ICO
Website, Crunchbase, Angellist

Road to Series A

Abyssal (Underwater Operations Software || Porto)
Total Money raised: unknown from Portugal Ventures
Website, Crunchbase, Angellist

AddVolt (Automotive, Energy || Porto)
Total money raised: unknown from 2bpartners, Portugal Ventures and more.
Website, Crunchbase, Angellist

Advertio (Advertising, MarTech|| Lisbon)
Total money raised: $1.4M from Portugal Ventures, Bright Pixel and more
Website, Crunchbase

Attentive (Business Intelligence, SaaS|| Boulder, Lisbon, Braga)
Total money raised: $2.2M from Indico Capital Partners, Mangrove Capital Partners, Right Side Capital Management and Techstars Boulder Accelerator
Website, Crunchbase, Angellist

Automaise (AI || Braga)
Total money raised: €500k from Bright Pixel and Armilar Venture Partners
Website, Crunchbase

B-Parts (Automotive, Recycling Marketplace || Porto)
Total money raised: $650K from Portugal Ventures
Website, Crunchbase

Barkyn (E-commerce, Product as a Service for Dogs || Porto)
Total money raised: $1.9M from Indico Capital Partners, All Iron Ventures, 7 Graus and Shilling Capital Partners.
Website, Crunchbase, Angellist

BitCliq (Fishing, Software, Internet of Things || Leiria)
Total money raised: $650k from Indico Capital Partners and LC Ventures
Website, Crunchbase

Casafari (FinTech, Real Estate || Lisbon)
Total money raised: €5M from Round Hill Capital, Lakestar and YoungBrains
Website, Crunchbase

Climber RMS (Hospitality Revenue Management Software, SaaS|| Lisbon)
Total money raised: $541K from Seedrs, Innovation Nest and more.
Website, Crunchbase, Angellist

Codavel (Software Tools || Porto)
Total money raised: Unknown
Website, Crunchbase

doDOC (Document Management || Coimbra)
Total money raised: $420K+ from Techstars, Right Side Capital Management, Techstars Boston Accelerator, Caixa Capital, Star Power Partners LLC, LC Ventures and more.
Website, Crunchbase, Angellist

Doppio (Gaming, Voice || Lisbon)
Total money raised: €1M from Amazon Alexa Fund, Google Assistant investment program, Portugal Ventures, Busy Angels, BreakawayGrowth, Andy Chung, Phillipp Moehirng (AngelList), Lasse Seppänen (Supercell), Alexis Bonte (Stillfront & Atomico) and David Helgason (Unity).
Website, Crunchbase

EatTasty (Food Delivery || Lisbon)
Total money raised: €1.5M from Indico Capital Partners, Shilling Capital Partners, Ibersol, Caixa Capital, Bright Pixel, Olisipo Way, Miguel Santos Amaro, Diogo Teles and Nuno Lopes.
Website, Crunchbase, Angellist

Emailbidding (E-mail Marketing Tools || Porto)
Total money raised: unknown
Website, Angellist

Enging (IoT || Coimbra)
Total money raised: $1.1M from EDP Ventures
Website, Crunchbase

Facestore (E-commerce || Porto, Lisbon)
Total money raised: Bootstrapped
Website, Crunchbase, Angellist

Fyde (Cybersecurity || Palo Alto, Porto)
Total money raised: $5.2M from Bright Pixel, Wells Fargo, DNX Ventures, Vertex Ventures and Portugal Ventures
Website, Crunchbase

Glartek (IoT, Industrial Maintenance || Lisbon)
Total money raised: $1.7M from EDP Ventures, H-Capital and Novabase Capital
Website, Crunchbase

Habit Analytics (Analytics, Insurance || New York, Lisbon)
Total money raised: $2.0M from FundersClub, Bright Pixel, Big Start Ventures, TechStars IoT, Plug and Play and more.
Website, Crunchbase, Angellist

Hole19 (Golf Marketplace || Lisbon)
Total money raised: $3.6M from White Star Capital, Kibo Ventures, Caixa Capital, Seedcamp, Faber Ventures, Freigeist Capital and more.
Website, Crunchbase, Angellist

HUUB (Supply Chain Logistics || Porto)
Total money raised: €4.4M from Maersk Growth and Pathena
Website, Crunchbase

HypeLabs (Software, Developer Tools || Porto, San Francisco)
Total money raised: unknown from Angel Pad, Deutsche Telekom Strategic Investments, hub:raum and more.
Website, Crunchbase, Angellist

InvoiceXpress (Finance, Enterprise Software, Fintech|| Lisbon)
Total money raised: Bootstrapped
Website, Crunchbase, Angellist

Jumpseller (E-commerce || Porto, Santiago)
Total money raised: Bootstrapped ($350k in grants from Startup Chile and Portugal Government)
Website, Crunchbase

Landing.jobs (Jobs marketplace, Career Planning || Lisbon)
Total money raised: $750K from LC Ventures, Portugal Ventures
Website, Crunchbase, Angellist

Loqr (Security || Braga)
Total money raised: €1.3M from EDP Ventures, BIG Start Ventures, Red Angels and Betwixt Ventures
Website, Crunchbase

Lovys (Insurance, Fintech || Paris, Leiria)
Total money raised: $3.8M from MAIF Avenir, Plug and Play, Techstars and Partech
Website, Crunchbase, Angellist

Mapidea (Maps, Business Intelligence || Lisbon)
Total money raised: 500k from Portugal Ventures
Website, Crunchbase

MindProber (Analytics, Consumer, Neuroscience, Media || Porto)
Total money raised: 500k from Ganexa Capital, Wisenext and Pedro Lourenço
Website, Crunchbase

MOV.AI (Artificial Intelligence, Robotics || Lisbon, London)
Total money raised: $3.6M from Viola Ventures and NFX
Website, Crunchbase

MUB Cargo (Transportation Marketplace || Braga)
Total money raised: $500K from Castel Capital, BrainCapital
Website, Crunchbase

MyDidimo (3D, Gaming || Porto)
Total Money Raised: $700k from TechStars London Accelerator
Website, Crunchbase

Nuada (HealthCare, Hardware|| Porto)
Total money raised: unknown from HAX and SOSV
Website, Crunchbase, Angellist

Omniflow (Energy, Internet of Things, Telecommunications || Porto)
Total money raised: $3.9M from H-Capital and Portugal Ventures
Website, Crunchbase

Peekmed (Medical Device || Braga)
Total money raised: unknown from Portugal Ventures
Website, Crunchbase, Angellist

Probe.ly (Cyber Security || Lisbon)
Total money raised: $1.4M from Caixa Capital, Bright Pixel, Busy Angels, Novabase Capital and Shilling Capital Partners
Website, CrunchBase, Angellist

Prodsmart (Industrial Management Software|| Lisbon)
Total money raised: $1.5M from Caixa Capital, Join Capital, Innovation Nest, 500 Startups, TechFounders and more.
Website, Crunchbase, Angellist

Smarkio (Marketing Tools || Porto)
Total money raised: $1.5M from Explorer Investments
Website, Crunchbase, Angellist

Sphere Ultrafast Photonics (Laser Technology || Porto)
Total money raised: unknown from 2bpartner
Website, Angellist

Stratio Automotive (Predictive Maintenance Analytics, Transports || Coimbra)
Total money raised: 3M€ from Crane Ventures Partners, Localglobe and Acequia Capital
Website, Crunchbase

Switch Payments (Payments, Fintech || Porto)
Total money raised: unknown form Shilling Capital Partners, BIG and Píer Partners
Website

Ubirider (Transportation || Porto)
Total money raised: unknown from Grupo Barraqueiro and Beatriz Barata (BA)
Website, Crunchbase

Xhockware (Retail, Shopping || Porto)
Total money raised: $4M from SME Instrument (EU Fund), Portugal Ventures and Busyangels.
Website, Crunchbase, Angellist

Zaask (Professional Services Marketplace || Lisbon)
Total money raised: $2.1M from Portugal Ventures, Faber Ventures, BusyAngels, Shilling Capital Partners.
Website, CrunchBase, Angellist

Road to Seed/Newcomers

Agri Marketplace (Agriculture, E-Commerce, B2B Marketplace || Setúbal)
Total money raised: $650k from Portugal Ventures
Website, Crunchbase

Beamian (Events || Porto)
Total money raised: €800k from Portugal Ventures
Website, Crunchbase

Betmarkets (FinTech, Sports || Porto)
Total money raised: €340k from Shilling Capital Partners, Zero Gravity, Roca X and Tue Lumbye
Website, Crunchbase

Betprotocol (Blockchain, Sports|| Lisbon)
Total money raised: unknown
Website

Bloq.it (Travel|| Aveiro)
Total money raised: unknown from BrightPixel
Website

CardioID (Automotive Industry || Lisbon)
Total money raised: unknown
Website

Coverflex (Insurance, Fintech || Lisbon, Braga)
Total money raised: Bootstrapped
Website, Crunchbase

Helppier (Customer Service, E-Commerce || Porto)
Total money raised: unknown from Monmentum London
Website, Crunchbase, Angellist

Heptasense (Artificial Intelligence || Lisbon)
Total money raised: unknown
Website, Crunchbase, Angellist

HiJiffy (Hospitality Software || Lisbon)
Total money raised: unknown
Website, Crunchbase, Angellist

Invisible Collector (FinTech || Porto)
Total money raised: unknown
Website, Crunchbase

Jungle.ai (AI, Predictive Intelligence || Lisbon)
Total money raised: Bootstrapped
Website, Crunchbase

Laborders (Software, Smart Laboratory || Porto)
Total money raised: Bootstrapped
Website

Logical Safety (SaaS, Safety|| Porto)
Total money raised: $500K from Portugal Ventures
Website

LUGGit (Mobility || Ílhavo)
Total money raised: Bootstrapped
Website

KeepWarranty (Software, Consumer App || Lisbon)
Total money raised: Bootstrapped
Website, Crunchbase

Knok Healthcare (Healthcare, Marketplace || Porto, London)
Total money raised: $300K from Mustard Seed
Website, Crunchbase, Angellist

Mater Dynamics (Materials || Porto)
Total money raised: $50K from EASME — EU Executive Agency for SMEs
Website, Crunchbase

Nesto.io (Internet of Things || Lisbon)
Total money raised: unknown
Website, Crunchbase

Neuropsycad (Analytics, AI, Health, Neuroscience || Braga)
Total money raised: $50K from EASME — EU Executive Agency for SMEs
Website, Crunchbase

OKO (Media, Artificial Intelligence || Porto)
Total money raised: $49K from Google Digital News Initiative Innovation Fund.
Website, Crunchbase

Press Power (Media || Madeira)
Total money raised: Bootstrapped
Website

Reckon.ai (Big Data, Image Recognition, AI|| Lisbon)
Total money raised: Bootstrapped
Website, Crunchbase

Scrofatech (Technology for Farms || Porto)
Total money raised: Bootstrapped
Website

Sensei (Software || Lisbon)
Total money raised: $500K from Sonae IM
Website

Shiptimize (E-Commerce, Logistics || Lisbon)
Total money raised: $500K from Portugal Ventures
Website, Crunchbase

Smartex (Computer Vision, Industry 4.0 || Porto)
Total money raised: unknown from HAX and SOSV
Website, Crunchbase

Sound Particles (CGI Software for Sound Design|| Leiria)
Total money raised: $450K from Indico Capital Partners and REDangels
Website, Crunchbase

Springkode (E-commerce, Fashion || Porto)
Total money raised: Bootstrapped
Website, Crunchbase

Studentfinance (FinTech, Education || Lisbon, Ljubljana)
Total money raised: Bootstrapped
Website, Crunchbase

Trigger Systems (Agriculture || Fundão)
Total money raised: unknown from Portugal Ventures
Website, Crunchbase

UpHill (Healthcare || Covilhã, Viseu, Lisbon)
Total money raised: $650k from Luz Saúde, Caixa Capital and BusyAngels
Website

Vantta (Analytics, Business Intelligence, SaaS || Porto)
Total money raised: €80k from Business Angels
Website, Crunchbase

Vawlt Technologies (Cloud Services || Lisbon)
Total money raised: $500K from Armilar Venture Partners
Website, Crunchbase

Virtusai (Software || Porto)
Total money raised: Bootstrapped
Website, Crunchbase

Weezie (Telecommunications, Machine Learning, SaaS || Porto)
Total money raised: $575K from BusyAngels and Novabase Capital
Website, Crunchbase

Wisecrop (Agriculture, Information Technology || Porto)
Total money raised: $465K from 2bpartner
Website, Crunchbase, Angellist

Yubuy (Interactive TV, Consumer App, Retail, E-Commerce || Lisbon)
Total money raised: Bootstrapped
Website, Crunchbase

Zappy (Management Software || Porto)
Total money raised: Bootstrapped
Website

Zenklub (Health Care, Psychology || São Paulo, Lisbon)
Total money raised: €500k from Indico Capital Partners.
Website, CrunchBase, Angellist

Final comments:

  1. This list has the unique goal of bringing visibility to the Portuguese startup ecosystem, helping both entrepreneurs and investors to get to know each other.
  2. It’s not an exhaustive list. There are plenty of others startups growing all around the country. If you believe something is wrong or someone else should be added to this list, let me know.
  3. For the sake of readability and focus this list excludes very early-stage startups. The criteria to make the list is not written in stone, but can be summarize by: $250k+ in funding or revenue, 100%+ YoY growth rate in the most relevant metrics for the business, having a working product and a great team.
  4. The list is mostly focused on tech startups (SaaS, Marketplaces, PaaS, E-commerce, etc.), so it doesn’t include biotech, creative industries and other booming sectors.

Interested in the Portuguese Startup Scene?

Check out my other article about it: Startups Exits in Portugal

Update Log:

  1. November 5th, 2019: Unbabel information was updated ($60M Series C Round); Platforme moved to “Road to Series C” ($12M Series B); Codacy information was updated ($7.7M Venture Round); Infraspeak moved to “Road to Series B” (€4.6M Late Seed Round); Doist (the company behind Todoist + Twist) moved to “Road to Series B” (Because they are doing great!); TonicApp moved to “Road to Series B” ($3.5M Series A Round); Fyde added to “Road to Series A” ($5.2M Seed Round); Casafari added to “Road to Series A” (€5M Seed Round); Ubirider moved to “Road to Series A” (Unknown Seed Round); LOQR moved to “Road to Series A” (€1.1M Seed Round); Beamian, Betmarkets, Betprotocol, Bloq.it, Jungle.ai and Vantta added to “Road to Seed/Newcomers”;
  2. August 16th, 2019: 360imprimir moved to “Road to Series C” (18M€ Series B); Stratio Automotive information was updated (€3M Seed Round); HUUB information was updated (€1.5M Seed Round Extension); EatTasty moved to “Road to Series A” (€1.1M Seed Round); Automaise, Codavel, Doppio, Lovys and MindProber added to “Road to Series A”; Coverflex, LUGGit, Smartex, Vawlt Technologies and Zenklub added to “Road to Seed/Newcomers”;
  3. April 25th, 2019: Sword Health moved to “Road to Series B” ($8M Series A Round); Mycujoo added to “Road to Series B”; Attentive moved to “Road to Series A” ($1.2M Seed Round); Barkyn moved to “Road to Series A” ($1.9M Seed Round); Advertio, Enging, Glartek and Habit Analytics added to “Road to Series A”; Probe.ly information was updated (€550k 2nd Seed Round); Omniflow information was updated (€2M Venture Round); Agri Marketplace, Logical Safety, Shiptimize, Sound Particles, Springkode, Uphill and Weezie added to “Road to Seed/Newcomers”; Muzzley removed from “Road to Series A” (Closed/Soft-acquisition).
  4. October 28th, 2018: Farfetch removed from “Unicorn” (IPO); Talkdesk moved to “Unicorn” ($100M Series B Round); Adapttech moved to “Road to Series B” ($2.6M Series A Round) Infraspeak moved to “Road to Series A” ($1.8M Seed Round); MapIdea added to “Road to Series A”; KeepWarranty, Reckon.ai and Yubuy added to “Road to Seed/Newcomers”.
  5. August 27th, 2018: Raize removed from “Road to Series A” (IPO); DefinedCrowd moved to “Road to Series B” ($11.8M Series A Round); MOV.AI added to “Road to Series A” ($3M Seed Round); Invisible Collector added to “Road to Seed/Newcomers”; TeamOutLoud removed from “Road to Seed/Newcomers” (Founder/CEO moved on to next gig).
  6. June 24th, 2018: Prozis added to “Centaurs”; BySide added to “Road to Series B”; Platform and Raize added to “Road to Series A”; Helppier, MyDidimo, CardioID, Nesto.io and Mater Dynamics added to “Road to Seed/Newcomers”.
  7. June 14th, 2018: 360imprimir and Utrust added to “Road to Series B”; Omniflow, Jumpseller, Peekmed and Switch Payments added to “Road to Series A”; Loqr added to “Road to Seed/Newcomers”.
  8. June 10th, 2018: Published.

Felipe Ávila da Costa

Written by

Co-founder/CEO of Infraspeak. Co-founder of Founders Founders. Be source of good life.

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